An icon of the Golden Era of Cambrian Park Plaza is slated to change hands for the first time since it was built, causing concerns for residents, patrons and business owners.

The 17-acre parcel, including the colorful carousel, was developed by Paul Schaeffer in 1953 and has stayed in the family, said Stephen Coates, who has managed the shopping center for 20 years.

Coates said now that the matriarch of the family has died, the multiple family members who own the plaza have decided to sell.

"It's in an income trust," Coates said. "If any changes were made, many more would come. It was too difficult. There are too many owners to make a decision on what needs to be done."

Coates said the sale of the center is something that most people knew would come eventually, adding that it was just a matter of time because the property is underutilized.

"When I took over 20 years ago, I was told I wouldn't be here more than six months, and here we are," Coates said. "We just maintained it the best we could over the years. It's spotless."

Coates said he personally spoke with tenants of the center, assuring them that the sale would take some time. "We're not entering any more leases," Coates said. "We're taking care of the tenants we have."

George Enos, owner of Cottage Craft Boutique, said he and his wife were stunned by the news as they were getting ready to celebrate the store's 20th anniversary in April.

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"We really don't want to see it go but we really have no control," Enos said. "It might be two or three years, though. We really don't know."

Jolanta Koblynski, owner of Heartbeat Café, said she is disappointed but that everyone expected it. "Everybody's heartbroken. Everybody has memories," she said. "I was fortunate to have a wonderful 18 years here. Hopefully the new owner will not just bulldoze it but will rebuild the shops."

Julie Hejza, a 31-year-old resident, said she has many fond memories of heading to the plaza with money earned from babysitting to grab chips at Alicia's Café and buy small trinkets at one of the stores.

Now, as a mother to three boys, she still prefers to patronize the stores here over big retailers. "There's a lot of really neat little shops and there's obviously enough business to keep them open," Hejza said. "I like shopping local small businesses any chance I get."

Though there are a few chain retailers such as BevMo and the Dollar Tree, Cambrian Park Plaza is predominantly made up of family-owned stores, many of them having been open for decades.

"During farmers market season, we walk there every week," Hejza continued. "I go to The Kidz Shoppe a lot. We got to the bike shop often. And as far as I know, that's one of the only original bowling alleys left in San Jose."

Hejza said that she wouldn't want to see something like Santana Row or a high-end shopping center replace the plaza. "I'm a sentimental person, and that shopping center means a lot to me," she said.

Apart from nostalgia, Ed Chirco, Cambrian Community Council member, said that redevelopment plans spark other issues.

The council has been carefully watching happenings in Los Gatos involving the Yuki property, a 32-acre orchard parcel on Los Gatos Boulevard, said Chirco. "I don't know if San Jose is going to be as concerned about this community as Los Gatos is about theirs," Chirco said, referring to lengthy town meetings over a number of years about the fate of the farm property.

The community council has a meeting scheduled for Feb. 10 at 7 p.m., at the Cambrian School District office, in which the sale of the plaza will be discussed and a possible plan of action will be formed, said Chirco. He added that council members would like to formally present their concerns about traffic and congestion to the city.

However, with offers being reviewed as early as mid-February, according to Jim Roessler, whose firm is marketing the plaza, community members may need to act fast.

Roessler said there is roughly a one-month window between the property hitting the market and offers being accepted so that potential buyers can do their research.

No price tag has been put on the parcel, Roessler said. "We don't know what it's worth," he added. "We'll let the buyers tell us that. It's a great piece of real estate."

Roessler said the parcel, which is in the county, would need to be annexed into the city of San Jose if any redevelopment occurs. "It could be used for just about anything but housing," he said. "You could build retail, office or hotel."

Dipa Chundler, a planner for the city of San Jose, said the property's General Plan is designated as neighborhood/community commercial and urban village.

"Any redevelopment on that goes with the General Plan," she said. "If we have something that is already retail or commercial, it would probably stay that way."

District 9 Councilman Donald Rocha did not want to comment on what he would envision for Cambrian Park Plaza.

"I'd like to get community feedback and sit down with developers before I weigh in too much," he said.

The Cambrian Community Council plans to discuss the future of the Cambrian Park Plaza at its Feb. 10 meeting at 7 p.m., at the Cambrian School District office.